Premiums of Spot Prices Further Declined and the Transactions were Poor due to High Pure Nickel Futures Prices

SHANGHAI, Aug 5 (SMM) - In the spot market, on Aug 5, Jinchuan nickel were quoted at 6500-8000 yuan/mt, with an average price of 7250 yuan/mt, down 50 yuan/mt from the previous trading day. NORNICKEL nickel was quoted at 6500-7500 yuan/mt, and the average price was 7000 yuan/mt, down 550 yuan/mt from the previous trading day. The premiums of pure nickel continued to narrow mainly because of the high futures prices and the weak demand. Therefore, the spot transactions were poor.

In terms of nickel briquette, the price of nickel briquette was 180,400-181,200 yuan/mt, up 850 yuan from yesterday, mainly because the premiums narrowed. In addition, as the economy effectiveness of nickel briquette was lower than intermediate products and nickel plates were currently the mainstream alloys raw materials nickel plate, the spot transaction of nickel briquette was poor.